Nigeria SEC Gives Notice of License Withdrawal to 157 Firms

By Sahabi Abdul

Nigeria’s Securities and Exchange Commission , the country’s capital markets regulator, has issued a notice of license withdrawal to 157 companies.

The affected capital market operators either “consistently failed to render their statutory returns to the Commission,” have an eroded capital base or were overtaken by policy changes, SEC said in a statement on its website.

The companies have until 13 November to provide reasons why their operating licenses shouldn’t be revoked, the regulator said.

Affected companies include stock brokers, fund, assets and portfolio managers, as well as corporate investment advisers, trustees and venture capital managers, among others.

Some of the affected companies are Citi Asset Management Ltd,  Citizens Investment and Securities Ltd, Consolidated Discount Ltd and Corporate Diamond Securities and Investments Ltd.

Click here for the full list.